Financial Data and Key Metrics Changes - Consolidated revenue decreased by 5% to $354 million compared to $372 million last year, primarily due to lower volumes in Services and Framing, partially offset by a 22% increase in Glass revenue [10][12] - Adjusted diluted EPS grew by 28% to a record level of $1.36, driven by higher operating income and a lower diluted share count [14][16] - Operating margin expanded by 290 basis points to 11.5%, exceeding the 10% target for the first time since the financial goals were established [10][16] Business Line Data and Key Metrics Changes - Architectural Glass segment revenue increased by 22%, driven by improved volume, pricing, and mix, with operating income nearly tripling to $17.5 million and operating margin improving to 18.5% [10][12][13] - Framing segment operating income grew by 3%, with operating margin expanding by 140 basis points to 13.3%, primarily due to improved mix and cost efficiencies [12][13] - Services segment experienced lower revenue recognition due to a higher mix of early-stage projects, impacting overall revenue [11] Market Data and Key Metrics Changes - Backlog for Framing decreased to $197 million from $221 million in the previous quarter, driven by a decline in longer cycle business [15] - Services backlog also declined to $674 million from $709 million, reflecting delays in award activity [15] Company Strategy and Development Direction - The company is focused on a three-pillar strategy: becoming an economic leader, actively managing the portfolio, and strengthening core capabilities [6][7] - Strategic investments are being made to enable organic growth, diversify project mix, and explore acquisition opportunities [9][20] - The company aims to shift focus towards driving profitable revenue growth after achieving improved margins and returns on invested capital [8][9] Management's Comments on Operating Environment and Future Outlook - Management noted signs of softening in the broader non-residential market but highlighted strong demand in premium Class A office space and mixed-use buildings [23] - The company expects to continue driving productivity gains and operational execution while monitoring macroeconomic trends for potential impacts [20][21] Other Important Information - The company recognized a $4.7 million pretax benefit from a New Markets Tax Credit, which is expected to support future growth [14] - Capital expenditures for the year are projected to be between $50 million and $60 million, with a focus on expanding capacity in higher-margin businesses [19][33] Q&A Session Summary Question: Can you elaborate on the framing operating margin and what mix means within Framing? - Management explained that stronger margins are seen in the shorter-cycle business, which has recovered service and lead time levels, while the team is being selective about project-related business to ensure sustainable margins [25][26] Question: What impact do you expect from aluminum pricing in the balance of '24? - Management indicated that there is no material impact expected from aluminum pricing in the back half of the year [27][28] Question: How do you view cash flow normalization and its relationship with net income? - Management acknowledged unique circumstances affecting cash flow last fiscal year and indicated opportunities for improvement in working capital moving forward [29][30] Question: What are the expected capital expenditures for fiscal '25? - Management stated that while fiscal '24 represents a step-up in CapEx, specific numbers for fiscal '25 have not yet been determined, but there will be a focus on organic growth initiatives [32][33] Question: Are you seeing more orders for mixed-use buildings? - Management confirmed an increase in mixed-use projects, which are being tracked in backlog analysis, indicating a positive trend for the company [36][37] Question: How much more runway is there for mix improvements in the Glass segment? - Management noted that the recent quarter represented an optimal scenario for mix and pricing, but they do not expect to maintain that level consistently [38][39] Question: What organic growth opportunities are being considered? - Management highlighted potential expansion into new geographies and capacity investments, while also considering acquisitions for diversification [42][43]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________ FORM 10-Q _________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 27, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-6365 _________________________________ APOGEE ENTERPRISES, INC. (Exact name o ...

Apogee Enterprises, Inc. Fiscal 2024 First Quarter Earnings Call ...

Apogee Enterprises, Inc. (NASDAQ:APOG) Q1 2024 Earnings Conference Call June 23, 2023 9:00 AM ET Company Participants Jeff Huebschen - Vice President, Investor Relations Ty Silberhorn - Chief Executive Officer Matt Osberg - Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Eric Stine - Craig Hallum Julio Romero - Sidoti Operator Good day and thank you for standing by. Welcome to the First Quarter 2024 Apogee Enterprises’ Earnings Conference Call. At this time, all participant ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________ FORM 10-K _________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 25, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | --- | --- | |------------------------------------------------------------------------- ...

Apogee Enterprises, Inc. (NASDAQ:APOG) Q4 2023 Earnings Conference Call April 12, 2023 9:00 AM ET Company Participants Jeff Huebschen - Vice President, Investor Relations & Communications Ty Silberhorn - Chief Executive Officer Mark Augdahl - Interim Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Eric Stine - Craig Hallum Brent Thielman - D.A. Davidson Julio Romero - Sidoti & Company Operator Welcome to the Q4 2023 Apogee Enterprises Incorporated Earnings Conference Call. ...

Apogee Enterprises, Inc. Fiscal 2023 Fourth Quarter Earnings Call April 12, 2023 5050 Syracuse | Denver, CO | © JC Buck/Black Bike Productions LLC Non-GAAP measures & forward-looking statements This presentation contains non-GAAP financial measures which the company uses to evaluate historical and prospective financial performance, measure operational profitability on a consistent basis, and provide enhanced transparency to the investment community. Definitions for these non-GAAP financial measures are incl ...

[PART I Financial Information](index=3&type=section&id=PART%20I%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements detail the company's financial position, operations, and cash flows [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $918.4 million, driven by higher receivables and a rise in long-term debt | Balance Sheet Items (In thousands) | November 26, 2022 | February 26, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $21,746 | $37,583 | | Receivables, net | $222,554 | $168,592 | | Total current assets | $396,690 | $337,892 | | Total assets | $918,446 | $887,863 | | Long-term debt | $203,735 | $162,000 | | Total liabilities | $540,808 | $501,664 | | Total shareholders' equity | $377,638 | $386,199 | [Consolidated Results of Operations](index=5&type=section&id=Consolidated%20Results%20of%20Operations) The company reported significant year-over-year growth in net sales and profitability for Q3 and the nine-month period | Metric (In thousands, except EPS) | Q3 FY2023 (ended Nov 26, 2022) | Q3 FY2022 (ended Nov 27, 2021) | YoY Change | | :--- | :--- | :--- | :--- | | Net sales | $367,847 | $334,217 | +10.1% | | Gross profit | $86,608 | $64,680 | +34.0% | | Operating income | $34,761 | $17,710 | +96.3% | | Net earnings | $23,765 | $11,057 | +115.0% | | Diluted EPS | $1.07 | $0.44 | +143.2% | | Metric (In thousands, except EPS) | Nine Months FY2023 (ended Nov 26, 2022) | Nine Months FY2022 (ended Nov 27, 2021) | YoY Change | | :--- | :--- | :--- | :--- | | Net sales | $1,096,591 | $986,020 | +11.2% | | Gross profit | $257,161 | $180,393 | +42.6% | | Operating income | $100,049 | $30,684 | +226.0% | | Net earnings | $83,885 | $19,759 | +324.5% | | Diluted EPS | $3.74 | $0.78 | +379.5% | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased due to working capital needs, while financing activities funded share repurchases and dividends | Cash Flow Activity (In thousands) | Nine Months Ended Nov 26, 2022 | Nine Months Ended Nov 27, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $51,112 | $86,291 | | Net cash used by investing activities | ($11,984) | ($11,647) | | Net cash used by financing activities | ($51,597) | ($43,994) | | (Decrease) increase in cash | ($12,469) | $30,650 | - Financing activities included **$74.3 million for share repurchases** and **$14.4 million for dividends** paid during the first nine months of fiscal 2023[15](index=15&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key disclosures include a segment reporting change, a backlog of $861.4 million, a significant tax benefit, and a pending legal award - Effective at the start of fiscal 2023, the Sotawall business was moved from the Architectural Framing Systems segment to the Architectural Services segment[23](index=23&type=chunk) - As of November 26, 2022, the company had **$861.4 million in unsatisfied performance obligations (backlog)**, with **$493.3 million** expected to be recognized as revenue within one year[30](index=30&type=chunk) - In Q2 FY2023, the company claimed a worthless stock loss deduction related to its investment in Sotawall Limited, generating a **net tax benefit of $13.7 million**[81](index=81&type=chunk) - In December 2022, a claimant in an arbitration was awarded **$20 million** against the company, which the company intends to appeal[74](index=74&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q3 FY2023 sales growth driven by pricing, improved margins, segment performance, and an updated outlook [Overview and Results of Operations](index=24&type=section&id=Overview%20and%20Results%20of%20Operations) A new enterprise strategy contributed to a 10.1% sales increase and significant margin expansion in the third quarter - The company's new enterprise strategy focuses on three key elements: becoming the economic leader in target markets, actively managing the portfolio to drive higher margins, and strengthening core capabilities[96](index=96&type=chunk)[97](index=97&type=chunk) | Metric (% of Net Sales) | Q3 FY2023 | Q3 FY2022 | | :--- | :--- | :--- | | Gross profit | 23.5% | 19.4% | | Operating income | 9.4% | 5.3% | | Net earnings | 6.5% | 3.3% | [Segment Analysis](index=26&type=section&id=Segment%20Analysis) Segment performance varied, with strong growth in Architectural Framing Systems and a profit turnaround in Architectural Glass - **Architectural Framing Systems:** Q3 net sales increased **16.6% to $165.0 million**, and operating margin expanded to **13.4% from 8.5%** YoY, driven by inflation-related pricing actions[105](index=105&type=chunk)[106](index=106&type=chunk) - **Architectural Services:** Q3 net sales decreased **3.2% to $102.0 million**, with operating margin contracting to **5.9% from 7.4%** YoY, reflecting lower profitability on legacy Sotawall projects[108](index=108&type=chunk)[109](index=109&type=chunk) - **Architectural Glass:** Q3 net sales grew **9.8% to $81.5 million**, and the segment reported **operating income of $7.5 million** compared to a loss of $1.3 million YoY, due to improved pricing and productivity[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - **Large-Scale Optical (LSO):** Q3 net sales decreased **2.5% to $26.7 million**, but operating margin increased to **26.7% from 21.9%** YoY, aided by a non-recurring property tax adjustment[113](index=113&type=chunk)[114](index=114&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a solid liquidity position, having amended its credit facility while continuing share repurchases - Net cash from operations decreased to **$51.1 million** for the first nine months of FY2023 from $86.3 million in the prior year, due to increased working capital[116](index=116&type=chunk) - The company repurchased **1,571,139 shares for $74.3 million** in the first nine months of FY2023, with **1,253,399 shares** remaining authorized for repurchase[118](index=118&type=chunk) - During Q2, the company amended its revolving credit facility, increasing it to **$385 million** with a maturity of August 2027, and used borrowings to repay its **$150 million term loan**[119](index=119&type=chunk) [Outlook](index=29&type=section&id=Outlook) The company narrowed its full-year guidance, projecting adjusted EPS between $3.90 and $4.05 and revenue growth of approximately 10% | Full-Year FY2023 Guidance | Value | | :--- | :--- | | Adjusted EPS | $3.90 to $4.05 | | Revenue Growth | ~10% | | Capital Expenditures | ~$40 million | [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes in the company's market risk since the previous fiscal year-end - There have been no material changes in market risk since February 26, 2022[131](index=131&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The Chief Executive Officer and Interim Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the evaluation date[132](index=132&type=chunk) - No changes occurred during the fiscal quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[132](index=132&type=chunk) [PART II Other Information](index=30&type=section&id=PART%20II%20Other%20Information) [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is appealing a $20 million arbitration award which it believes will not have a material adverse effect - In December 2022, an arbitration claimant was awarded **$20 million** related to a commercial sealant product claim[133](index=133&type=chunk) - The Company plans to appeal the award and believes it will not have a material adverse effect on its financial condition, results of operations, or cash flows[133](index=133&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) No material changes or additions to previously disclosed risk factors were reported for the quarter - No material changes or additions to risk factors were reported for the quarter[134](index=134&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased during the third quarter, with 1,253,399 shares remaining under the repurchase authorization - No shares were purchased pursuant to the publicly announced repurchase program during the third fiscal quarter[135](index=135&type=chunk)[136](index=136&type=chunk) - As of November 26, 2022, the company has authorization to repurchase an additional **1,253,399 shares**[136](index=136&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including required CEO and CFO certifications and iXBRL data

Apogee Enterprises, Inc. (NASDAQ:APOG) Q3 2023 Earnings Conference Call December 22, 2022 9:00 AM ET Company Participants Jeff Huebschen - Investor Relations Ty Silberhorn - Chief Executive Officer Mark Augdahl - Interim Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Eric Stine - Craig-Hallum Brent Thielman - D.A. Davidson Julio Romero - Sidoti & Company Operator Good day and thank you for standing by. Welcome to the Apogee Enterprises Fiscal 2023 Third Quarter Earnings Co ...